Ekstein Development signs $58M refi with MetLife for new 107-unit rental in Bushwick

Ekstein Development Group through the entity 1333 Broadway LLC as borrower signed a refi loan with lender MetLife through the entity Metropolitan Tower Life Insurance Company valued at $58 million for the 107-unit residential elevator building (D7) at 1333 Broadway in Bushwick, Brooklyn.
The deal closed on April 24, 2026 and was recorded on May 6, 2026. The prior lender was Santander Bank which held debt that had an original loan amount of $48.8 million.

The property has 120,403 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $481 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 6, 2019, for $16.7 million. The signatory for Ekstein Development Group was Erik Ekstein . The signatory for MetLife was Anthony Soldi .

Prior sales, articles and revenue

The 120,403-square-foot property generated revenue of $3.8 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 107 residential units in Bushwick has 120,403 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 250 feet deep with a total lot size of 32,440 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $447,000. MetLife on April 24, 2026 bought a loan with an original principal of $48.8 million from Santander Bank signed by Thomas Reilly, secured by 1333 Broadway, when owned by Ekstein Development Group .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $14,730 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, 320912376, for a 106-unit, 102,165 square-foot residential (R-2) building. The project was submitted by Ekstein Development Group and filed by Erik Ekstein with plans filed April 30, 2018 and permitted October 12, 2022.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 66,587 square feet of the 88,157 square feet. The largest owner is Watermark Capital Group, followed by Arch Companies and then Juan A. Perez Samayoa.
On the tax block, there were two new building construction projects totaling 118,571 square feet. The largest is a 106-unit, 102,165 square-foot residential (R-2) building submitted by Ekstein Development Group and filed by Erik Ekstein with plans filed April 30, 2018 and permitted July 1, 2021. The second largest is a 20-unit, 16,406 square-foot residential (R-2) building submitted by Anya Levitov with plans filed August 2, 2016 and permitted April 30, 2018.

The majority, or 42 percent of the 88,157 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Ekstein Development Group owned at least six commercial properties with 386 residential units in New York City with 290,767 square feet and a PincusCo-determined asset value of $223.4 million. The portfolio has $233.4 million in debt, with top three lenders as Citibank, Man Real Estate Debt Investments, and Santander Bank respectively. Within the portfolio, all identified are elevator properties. The bulk, or 58 percent of the built space, is in Queens, with Brooklyn next at 41 percent of the space.

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